Economic Methodology Flashcards

1
Q

What is the definition of economic agents?

A

people, firms, governments – i.e. anyone who has an effect on the economy​

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2
Q

What type of science is economics?

A

A social science

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3
Q

What does ceteris parabus mean?

A

All other things remaining the same

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4
Q

What is ceteris parabus used for in economics?

A

to isolate factors and determine their impact if they changed to give us an idea on the decisions that we should make​

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5
Q

What is a value judgement?

A

An opinion made on a topic

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6
Q

What is a normative statement?

A

a statement made about something that contains a value judgement

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7
Q

What are positive statements?

A

are statements which can be supported of refuted by evidence

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